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The only introductory economics text to equip students to address today's pressing problems by mastering the conceptual and quantitative tools of contemporary economics.

OUP has partnered with the international collaborative project of CORE researchers and teachers to bring students a book and learning system that complements and enhances CORE's open-access online e-book.

The Economy:
- is a new approach that integrates recent developments in economics including contract theory, strategic interaction, behavioural economics and financial instability
- Engages with issues students of economics care about, exploring inequality, climate change, economic instability, wealth creation and innovation, among other issues.
- provides a unified treatment of micro- and macroeconomics
- motivates all models and concepts by evidence and real-world applications
- uses interactive student-paced model-building
- has been adopted as the standard principles course at University College London, Sciences Po Paris and the Toulouse School of Economics

A new economics for the principles course

The Economy begins with social interactions using elementary game theory and institutions modelled as rules of the game. This provides the basis for a modern treatment of markets including price-making as well as price-taking, the exercise of power, and the importance of social norms and adjustment to disequilibria.

Introducing labour and credit markets with incomplete contracts allows a consistent treatment of aggregate employment and fluctuations without the need for ad hoc sticky price and wage assumptions. Banks create money by extending credit and a central bank seeks to implement a target inflation rate.

Growth and instability are illustrated from the Great Depression, through the post-war golden age of capitalism through to the financial crisis and ensuing uncertainties. Students acquire an understanding of the past and current evolution of the economy in its social and environmental context, equipping them to marshal evidence and articulate positions about contemporary policy issues.

Pedagogical features
· Economist in Action videos by Al Roth, James Heckman, Thomas Piketty, and others give students a glimpse of what economists do and how they engage in real policy questions
· How economists learn from facts boxes introduce students to research practice including how to identify causation using experiments and other methods
· When economists disagree features engage the student with evidence and controversies
· The Read more suggestions direct the reader to resources they can consult to take their learning further
· Student-paced interactive diagrams suited to diverse learner capabilities are available within the CORE open access ebook available here: http://www.core-econ.org/
· Multiple-choice questions (with explanations of correct and incorrect answers) allow students to self-test their understanding
· Great Economists panels showcase a range of influential thinkers who have shaped the path of economics
· Definitions explain important terms right where needed
· Einsteins provide an opportunity for readers to explore the quantitative aspects of the topics under discussion in more detail
· Online Leibniz calculus supplements provide a calculus-based course option, enhancing flexibility of use.

The Economy is further augmented by the online learning and assessment tool, Dashboard, making it the complete solution for teaching and learning the principles of economics.

Additional support resources for the lecturer include:
· Lecture slides plus animated slides of all figures and charts
· 250 data sets in Excel for student exercises
· Unit by unit guides to teaching
· Suggested course structures for standalone micro and macro, and a course for non-majors

The use of The Economy also brings to lecturers membership of a growing global network of curriculum innovators changing how economics is taught worldwide.

The only introductory economics text to equip students to address today's pressing problems by mastering the conceptual and quantitative tools of contemporary economics.

OUP has partnered with the international collaborative project of CORE researchers and teachers to bring students a book and learning system that complements and enhances CORE's open-access online e-book.

The Economy:
- is a new approach that integrates recent developments in economics including contract theory, strategic interaction, behavioural economics and financial instability
- Engages with issues students of economics care about, exploring inequality, climate change, economic instability, wealth creation and innovation, among other issues.
- provides a unified treatment of micro- and macroeconomics
- motivates all models and concepts by evidence and real-world applications
- uses interactive student-paced model-building
- has been adopted as the standard principles course at University College London, Sciences Po Paris and the Toulouse School of Economics

A new economics for the principles course

The Economy begins with social interactions using elementary game theory and institutions modelled as rules of the game. This provides the basis for a modern treatment of markets including price-making as well as price-taking, the exercise of power, and the importance of social norms and adjustment to disequilibria.

Introducing labour and credit markets with incomplete contracts allows a consistent treatment of aggregate employment and fluctuations without the need for ad hoc sticky price and wage assumptions. Banks create money by extending credit and a central bank seeks to implement a target inflation rate.

Growth and instability are illustrated from the Great Depression, through the post-war golden age of capitalism through to the financial crisis and ensuing uncertainties. Students acquire an understanding of the past and current evolution of the economy in its social and environmental context, equipping them to marshal evidence and articulate positions about contemporary policy issues.

Pedagogical features
· Economist in Action videos by Al Roth, James Heckman, Thomas Piketty, and others give students a glimpse of what economists do and how they engage in real policy questions
· How economists learn from facts boxes introduce students to research practice including how to identify causation using experiments and other methods
· When economists disagree features engage the student with evidence and controversies
· The Read more suggestions direct the reader to resources they can consult to take their learning further
· Student-paced interactive diagrams suited to diverse learner capabilities are available within the CORE open access ebook available here: http://www.core-econ.org/
· Multiple-choice questions (with explanations of correct and incorrect answers) allow students to self-test their understanding
· Great Economists panels showcase a range of influential thinkers who have shaped the path of economics
· Definitions explain important terms right where needed
· Einsteins provide an opportunity for readers to explore the quantitative aspects of the topics under discussion in more detail
· Online Leibniz calculus supplements provide a calculus-based course option, enhancing flexibility of use.

The Economy is further augmented by the online learning and assessment tool, Dashboard, making it the complete solution for teaching and learning the principles of economics.

Additional support resources for the lecturer include:
· Lecture slides plus animated slides of all figures and charts
· 250 data sets in Excel for student exercises
· Unit by unit guides to teaching
· Suggested course structures for standalone micro and macro, and a course for non-majors

The use of The Economy also brings to lecturers membership of a growing global network of curriculum innovators changing how economics is taught worldwide.

Features

  • A new approach that integrates recent developments in economics including contract theory, strategic interaction, behavioural economics and financial instability
  • Challenges students to address inequality, climate change, economic instability, wealth creation and innovation and other problems
  • Provides a unified treatment of micro- and macroeconomics
  • Motivates all models and concepts by evidence and real-world applications

1The Capitalist revolution
2Technological change, population and growth
3Scarcity, work and choice
4Social interactions
5Property and power: Mutual gains and conflict
6The firm: Owners, managers and employees
7The firm and its customers
8Supply and demand: Price-taking and competitive markets
9The Labour market: Wages, profits, and unemployment
10Banks, money and the credit market
11Price-setting, rent-seeking, and market dynamics
12Markets, efficiency and public policy
13Economic fluctuations and unemployment
14Unemployment and fiscal policy
15Inflation, unemployment and monetary policy
16Technological progress, employment and living standards in the long run
Capstones
17The Great Depression, golden age and global financial crisis
18The nation and the world economy
19Economic inequality
20Economics of the environment
21Innovation, information and the networked economy
22Economics, politics, and public policy
First year undergraduates taking a compulsory introductory Economics module as part of an Economics degree. It is also suitable for students taking a core or optional introductory Economics module, as part of a Business, Politics or other non-specialist degree. The text is being successfully used in Masters courses for non-specialist students such as in Public Policy.
  • The Economy: Economics for a changing world



The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Due to contractual restrictions, we reserve the right not to supply certain territories.